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Oil Falls After Closing at One-Year Low

October 3 2011, 09:04

FMX|Connect- WWW.FMXConnect.com (Reported on 10/3/2011)

Oil Falls After Closing at One-Year Low

Source: Bloomberg

Oil fell in New York, after closing last week at a one-year low, on concern that Greece will default on debt payments, leading to slower economic growth and fuel consumption.

Futures slipped as much as 2.3 percent after dropping 17 percent since the end of June in the worst quarter since 2008. Reports this week may show manufacturing in the U.S., the world’s biggest oil consumer, barely grew last month, while job growth failed to cut unemployment. European finance ministers meet today in Luxembourg to weigh the threat of a Greek default. Saudi Arabian Oil Co. canceled a crude shipment to Royal Dutch Shell Plc after a fire at Shell’s largest oil refinery. To read the full article, Click Here.

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